New York Rangers goalie Henrik Lundqvist will make an average of $8.5 million per year under his new contract. / Jerome Miron, USA TODAY Sports

by Jimmy Hascup, USA TODAY Sports

by Jimmy Hascup, USA TODAY Sports

The New York Rangers have signed franchise goalie Henrik Lundqvist to a seven-year contract extension.

The deal carries an $8.5 million cap hit and includes a full no-movement clause.

"Since his arrival in New York in 2005, Henrik has consistently been one of the elite goaltenders in the NHL," said Rangers president and general manager Glen Sather in a statement. "He is a proud representative of the tradition and class of this organization and we are excited to have him remain as a cornerstone of the franchise."